UPDATE: In a groundbreaking move for the digital finance sector, First Digital Group Ltd. and CSLM Digital Asset Acquisition Corp III, Ltd. (KOYN) have just announced a non-binding letter of intent for a proposed business combination that aims to establish a global leader in stablecoins and digital payments. This major development comes as the demand for compliant and reliable digital currencies surges amid increasing regulatory clarity worldwide.
The announcement was made today, December 2, 2025, from both New York and Hong Kong. The merger is poised to create a robust platform that capitalizes on First Digital’s innovative offerings, including its flagship product, FDUSD, which has rapidly become the #3 most-traded stablecoin globally.
Why this matters NOW: The global stablecoin market is experiencing explosive growth, driven by heightened institutional interest and the expansion of cross-border payment solutions. With FDUSD already surpassing a market capitalization of $4.4 billion and processing over $2 trillion in cumulative trading volume since its launch, this merger could redefine the landscape of digital payments, making a significant impact on how businesses and consumers transact.
First Digital, founded in 2019, has evolved from traditional trust services into a major player in digital asset infrastructure, offering compliant, secure, and scalable financial technology. The proposed merger with KOYN will likely facilitate First Digital’s international scaling and broaden its innovative product suite.
In a statement, Vincent Chok, Founder & CEO of First Digital, emphasized, “Taking the world’s first APAC-rooted and emerging-market-focused USD stablecoin issuer public is a milestone not just for First Digital, but for the evolution of digital finance globally.” He highlighted the upcoming launch of the Finance District, an advanced decentralized finance ecosystem that will integrate AI-powered financial solutions, marking a significant step towards automated and compliant financial transactions.
KOYN’s Chairman, Vik Mittal, expressed confidence in the partnership, stating, “Custody, integrity, and trust. Programmable money collapses the world’s payment networks into one global dollar network.” This sentiment reflects the growing need for a cohesive and compliant digital payment infrastructure that meets the demands of today’s global economy.
Both companies are preparing for a definitive agreement, which will outline the specifics of the proposed business combination. This announcement is subject to regulatory approvals and other customary conditions, with no guarantees of completion. However, the strategic rationale behind this merger indicates a strong belief in the future of compliant stablecoins and the potential for accelerated growth in digital finance.
As the digital asset landscape continues to evolve, stakeholders and investors are urged to stay tuned for further developments. The implications of this merger could be profound, reshaping the financial ecosystem and providing new opportunities for businesses and consumers alike.
For ongoing updates, please visit First Digital’s investor relations page at https://1stdigital.com/ir-and-disclosures.
